Tableware Market Rising With Growth In New Technology Trends Research By 2025



The global tableware market size is expected to reach USD 60.4 billion by 2025, as per the new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Increasing number of households, changing lifestyle, and rising disposable income of the consumers are the prominent factors fuelling the market growth.
The metalware segment dominated the market in 2018 and accounted for 33.6% share of the overall revenue. The growth is attributed to its high usage in developing countries such as India and china in both the residential as well as commercial sectors. Ceramicware is anticipated to witness significant growth in the coming years due to its rising demand, which is attributed to increasing disposable income and changing lifestyle of the young consumer groups.
Inter ikea group, Tesco.com, Meyer Corporation Group, Cuisinart, Saint-Louis, Mikasa, Raynaud Limoges, Bernardaud, Waterford Wedgewood, and Puiforcat are some of the major market players in the industry. The market presents moderate to high entry barriers due to presence of leading market players and requirement of high setting cost. The market is further driven by innovation in designs, mergers and acquisitions, and joint ventures. For instance, Royal Copenhagen merged with Orrefors/Kosta Boda to form Royal Scandinavia. Joint venture has also become one of the common business strategies. Libbey Inc. came into a partnership with Mexico’s Victrocrisa. This trend has been followed by various European companies as well.
The offline distribution channel accounted for the largest share of 83.0%. Being a traditional way of shopping and consumer preference for offline shopping due to presence of leading market players such as Inter Ikea Group and homecentre are the leading factors driving the segment.
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The online channel is the fastest growing segment in the market. It is expected to expand at a CAGR of 7.5% in the forecast period. Increasing number of young consumer groups, hectic work schedules, and growing preference for online shopping due to less time and easy accessibility are impelling the segment growth.
Further key finding from the study suggests:
·         By product, ceramicware is projected to ascend at a CAGR of 6.2% over the forecast period
·         The offline segment is the most preferred distribution channel in the tableware market and the segment accounted for 83.0% share of the overall revenue in 2018
·         Asia Pacific is the fastest growing region with a CAGR of 6.8% due to growing urbanization and increasing number of households.
Europe accounted for the largest share of 35.0% in 2018. Frequent changes in lifestyle and presence of high income and elite consumer groups are the key factors driving the market in this region. Asia Pacific is expected to emerge as the fastest growing regional tableware market with a CAGR of 6.8% in the forecast period. The growth is attributed to rapid increase in urbanisation, shifting inclination towards western lifestyle, and increasing disposable income.
The global tableware market size was valued at USD 40.1 billion in 2018 and is expected to expand at a CAGR of 6.0% over the forecast period. Economic growth in emerging countries and development of attractive tableware are the primary factors driving this industry. Moreover, rising disposable income, changing lifestyle, and increasing number of houses are driving the demand for the product over the last few years and are expected to propel the market growth in the forecast period.
Furthermore, increasing urbanization is one of the prominent factors as it leads to change in purchasing behavior of the consumer group. Growing residential sector is also propelling the demand for the product. For instance, as per census 2011, in India, the number of houses has increased from 52.06 million to 78.48 million. In other countries, growing population due to migration of consumer group from different countries has increased the number of household consumption, thus propelling the market demand for the product.
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https://www.grandviewresearch.com/press-release/global-tableware-market
Grand View Research has segmented the global tableware market on the basis of product, distribution channel, and region:
Tableware Product Outlook (Revenue, USD Billion, 2015 - 2025)
·         Metalware
·         Cermicware
·         Glassware
·         Plastic/Fiberware
Tableware Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
·         Online
·         Offline
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



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